Qualcomm "sector perform," estimates raised

09.03.06 - RBC Capital Markets

NEW YORK, March 9 (newratings.com) - Analyst Apjit Walia of RBC Capital Markets reiterates his "sector perform" rating on Qualcomm (QCOM), while raising his estimates for the company. The target price is set to $36.

In a research note published yesterday, the analyst mentions that the company has raised its revenue and pro-forma EPS guidance for the March quarter from $1.63-$1.73 billion to $1.75-$1.82 billion and from $0.35-$0.37 to $0.40-$0.41. The upside reflects higher-than-expected WCDMA licensee handset shipments in Europe, CDMA shipments in North America and India and volumes for low end voice-centric and high-end EV-DO products. The EPS estimate for FY06 has been raised from $1.47 to $1.54.